In a landmark move, the non-custodial crypto wallet, Ctrl Wallet, known for its support of over 2,100 blockchains, has initiated the migration of its $XDEFI token to $CTRL. The initiative marks a significant part of the brand’s strategic rebranding which is poised to enhance liquidity, refine tokenomics, and support future growth.
Users will have access to a user-friendly migration portal for the exchange of tokens at a 1:1 ratio; with transaction fees covered by Ctrl until the end of 2024. The consistency of the exchange rate between $XDEFI and $CTRL will be maintained throughout the transition period, ensuring seamless navigation for users.
Major cryptocurrency exchanges are also supporting the migration, with top stakeholders promising to deposit 32% of the total token supply into liquidity pools for a period of one year. The newly introduced $CTRL token will adopt a deflationary model that will consider a portion of the wallet’s revenue and LP fees for buying and burning $CTRL on the open market, thus reducing its circulating supply.
Emile Dubié, CEO and Co-founder of Ctrl, highlighted the significance of this migration, calling it a pivotal milestone that strengthens tokenomics and aligns with the evolution of the brand.
